Understanding Spacemesh: A Guide to Key Terminology
Navigating the world of blockchain technology can often feel like learning a new language. Each project brings with it a unique set of terminologies that are crucial to understanding how the system works and how to interact with it. Spacemesh is no exception. As an innovative, open-source blockchain protocol, Spacemesh introduces several terms that are key to understanding its unique features and functionalities. This guide aims to demystify these terms, providing clear and concise definitions that will help you navigate the Spacemesh ecosystem with ease. Whether you’re a beginner just starting your journey with Spacemesh, or an experienced user looking to deepen your understanding, this guide to Spacemesh terminology is for you.
For a more comprehensive overview of what Spacemesh is, check out my article on the basics, and my overview of the structure.
Basic Blockchain Terms
Spacemesh has some terms in common with other cryptocurrency protocols which you may already be familiar with. I’ll first go over those terms and how they relate to Spacemesh.
Blockchain: In the context of Spacemesh, a blockchain is a type of distributed ledger that records all transactions across a decentralized network. However, Spacemesh uses a unique structure known as a blockmesh, where multiple blocks at each layer are linked to multiple blocks at previous layers, creating a three-dimensional blockchain.
Consensus Mechanism: This is the method by which a blockchain network reaches an agreement on the state of the ledger. Spacemesh uses a unique consensus mechanism known as Proof of Space and Time (PoST).
Decentralization: This refers to the distribution of authority, decision-making, and computational resources across a network, rather than concentrating them in a single central authority. Spacemesh is designed to be highly decentralized, allowing anyone with a computer to participate in the network.
Node: In Spacemesh, a node is a computer that participates in the Spacemesh network by running the Spacemesh software. Nodes contribute to the security and operation of the network and can earn rewards for their participation.
Transaction (TXN): A transaction in Spacemesh is a transfer of value (in the form of Smesh coins) from one account to another. Transactions are recorded in blocks and form the basis of the Spacemesh ledger.
Wallet: A wallet in Spacemesh is a digital tool that allows users to manage their Smesh coins. It can be used to send and receive coins, and to view the balance of an account.
Mining/Smeshing: In the context of Spacemesh, the term “mining” is replaced with “smeshing”. Smeshing is the process by which nodes generate and store data on their hard drive to participate in the network and earn rewards.
Cryptocurrency: In Spacemesh, the native cryptocurrency is called Smesh. It is used to reward nodes for their participation in the network and can be transferred between accounts as a form of value.
Smart Contract: While Spacemesh does not yet support smart contracts, this functionality is planned to be added shortly after network genesis. Smart Contracts are self-executing contracts with the terms of the agreement directly written into code. They automate and secure digital transactions, and are a key feature of many blockchain platforms.
Peer-to-Peer Network: This is a network where all participants (peers) have equal privileges and can directly interact with each other. Spacemesh is a peer-to-peer network, with all nodes communicating directly with each other to maintain and secure the network.
Spacemesh-Specific Terms
Smesher: In Spacemesh, a smesher is a participant in the network who contributes disk space over time. This is done by generating and storing data on their hard drive.
Smeshing: This is the process by which smeshers generate and store data on their hard drive. Smeshing is how participants in the Spacemesh network contribute to its security and operation and can earn rewards.
Proof of Space and Time (PoST): This is the unique consensus mechanism used by Spacemesh. It allows participants to contribute disk space over time and is designed to be more energy-efficient and accessible than traditional consensus mechanisms like Proof of Work or Proof of Stake.
Activation Transaction (ATX): An ATX is a special type of transaction in Spacemesh that establishes a smesher’s eligibility to create blocks in the Spacemesh blockchain. It includes a proof of space-time, a sequence number, and the smesher’s public key.
Epoch: In Spacemesh, an epoch is a fixed period during which certain events and tasks are scheduled to occur. Each epoch in Spacemesh is 14 days long.
POET round: A POET (Proof of Elapsed Time) round is a period that starts in the middle of an epoch and runs until the middle of the next epoch. It is used to ensure that a certain amount of time has passed between different steps of the protocol.
Cycle gap: This is a 12-hour window between each POET round. During this cycle gap, all nodes in the Spacemesh network are required to submit proofs that are generated from their allocated storage space.
POST Data: These are data blocks that are generated and stored on a smesher’s hard drive as part of the smeshing process. They are used to establish the smesher’s eligibility to create blocks in the Spacemesh blockchain and receive rewards.
Blockmesh: This is a unique block structure used by Spacemesh. In a blockmesh, multiple blocks at each layer are linked to multiple blocks at previous layers, creating a three-dimensional blockchain. This structure enhances security and scalability.
Understanding Spacemesh Processes
Data File Initialization: Before a smesher can start smeshing, they must initialize a large data file on their hard drive. The size of the data file determines the amount of space that a smesher is committing to the network.
Activation Transaction (ATX) Creation: An ATX is a special type of transaction that establishes a smesher’s eligibility to create blocks in the Spacemesh blockchain. The creation of an ATX involves generating a proof of space-time during a cycle gap and includes the smesher’s public key. Once this ATX is accepted, the Spacemesh node will be able to participate in the next Epoch.
Block Creation: Once a smesher has created an ATX, they are eligible to create blocks in the Spacemesh blockchain. Block creation involves gathering transactions from the network, forming them into a block, and adding the block to the blockchain.
Proof Submission: During the 12-hour cycle gap between each POET round, all nodes in the Spacemesh network are required to submit proofs that are generated from their allocated storage space. These proofs are part of the Proof of Space and Time (PoST) consensus mechanism used by Spacemesh.
Reward Distribution: Smeshers earn rewards for their contribution to the network. These rewards are distributed at the end of each epoch and are based on the amount of space each smesher has committed to the network. Note that every eligible node will receive rewards during every epoch, as Spacemesh is a race-free protocol.
Transaction Processing: Transactions in Spacemesh involve the transfer of the native Smesh cryptocurrency from one account to another. These transactions are gathered into blocks, added to the blockchain, and then processed by the network.
Additional Resources
If you’d like to read more about Spacemesh, I’ve included some links below. Your first stop should always be the official website, but I’ve included links to some of my resources as well.
The official Spacemesh website: https://spacemesh.io/
The Spacemesh whitepaper: https://spacemesh.io/blog/spacemesh-white-paper-1/
My own Spacemesh tools and links, expected to grow in the future: https://bit.ly/m/Spacemesh-Stuff